Short Sale Questions
Three years ago the most common short sale questions were “what is a short sale?” now I’d say we get many more questions regarding deficiency balances and taxes than we did in the past. In our experience (over 100 short sale closings) I’d say that more home owners are researching short sales but they aren’t necessarily getting the full information. For instance, if a person tells you they do short sales but only has 4 listings, then you might want to reconsider. That’s why we always preach interview, interview and interview!
I thought I’d cover some of the “short version” answer to some short sale questions basics here and then link you to the top questions that we have answered. We’ll be updating the answers in the coming days so bookmark this site. Pin it or save it.
Short Sale Questions [short answers]
- What is a short sale? – It’s essentially where the bank lowers their payoff to allow you to sell your home at a price for less than you owe.
- Do I owe taxes on the short sale? – No unless your an investor, then maybe.
- What do I need to qualify for a short sale? – Not much, a general hardship or need to sell your home.
- How long does the process take? – From start to finish, roughly 4 to 5 months, from offer to approval – around 60 days. It typically takes us 30 to 45 days to get an offer and 60 days or less to get the bank to approve the short sale and another 30 days for the buyer to close.
- Why should I short sale? – It’s clear now that a short sale is in the best interest of you and the bank. Foreclosure hurts your credit worse, but more important it puts the control in the bank’s hands on when to come after you in the future.
and some other…
Short Sale Questions
- What’s a Certified Short Sale Specialist?
- How Should I Price My Home?
- What about short sale investors?
- What about strategic default?
- What is a Deed In Lieu?
- What if I quit in the middle of the short sale?
- What about Short Sale Attorneys?
- What happens after I receive a foreclosure notice?
- When Should I Start Working on A Short Sale?